REPORT DIGEST

TEACHERS’ RETIREMENT SYSTEM
OF THE STATE OF ILLINOIS
FINANCIAL AUDIT

For the Year Ended:
June 30, 1999

Release Date:

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State of Illinois
Office of the Auditor General

WILLIAM G. HOLLAND
AUDITOR GENERAL

To obtain a copy of the Report contact:
Office of the Auditor General
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703

(217)782-6046 or TDD (217) 524-4646

This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor

SYNOPSIS

 

  • The unfunded liability of the System was $10,968 million at June 30, 1999. The System’s funded ratio at that date was 67%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unfunded Liability at June 30, 1999 Totals $10,968 million

 

 

 

 

 

 

 

INTRODUCTION

This digest covers our financial audit of the System for the year ended June 30, 1999. A compliance audit covering the year ending June 30, 1999 will be issued separately.

UNDERFUNDING OF THE SYSTEM

The actuarial accrued liability was valued at $33,206 million at June 30, 1999. The actuarial value of assets (at market) totaled approximately $22,238 million at June 30, 1999. The difference between the liability and the assets of $10,968 million reflects the unfunded liability of the System at June 30, 1999. The Teachers’ Retirement System had a funded ratio of 67% at June 30, 1999.

AUDITORS' OPINION

Our auditors state that the June 30, 1999 financial statements of the System are fairly presented.

 

 

 

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WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Friedman Eisenstein Raemer and Schwartz, LLP were our special assistant auditors for this audit.